Siti Networks: Corporate Insolvency Resolution Process (CIRP)-Updates - Corporate Insolvency Resolution Process (CIRP)

Kindly refer to our disclosures dated October 3 2024 regarding the order passed by the Honble NCLT on October 1 2024 (hereinafter referred to as "impugned order").In this regard we would further like to inform you that in Appeals filed by Axis Bank Ltd. Aditya Birla Finance Ltd. Rohit Ramesh Mehra Resolution Professional of Siti Networks Ltd. ("the Company") IDBI Bank Ltd. Indusind Bank Ltd. and RBL Bank against the impugned order the Honble National Company Law Appellate Tribunal ("NCLAT") New Delhi vide its interim order dated October 29 2024 has inter alia directed the Axis Bank and other lenders who are Appellants to keep the amount which is to be reversed under the impugned order in a separate interest bearing account so that in the event amount is finally decided to be reversed the interests of the Company (i.e. corporate debtor) are protected.We are enclosing herewith a copy of the order dated October 29 2024 passsed by the Honble NCLAT New Delhi.